American Bitcoin Corp. Surpasses 7,000 BTC Milestone in Corporate Treasury

American Bitcoin Corp., a mining firm backed by Hut 8, has achieved a significant milestone in its corporate treasury, surpassing 7,000 BTC. This accomplishment places the Miami-based miner at No. 16 among publicly traded companies holding bitcoin globally.

The company's shares have seen a decline of around 80-90% from their post-listing highs near $9, currently trading between $0.85 and $0.90. Despite this drop in value, American Bitcoin Corp. has continued to accumulate bitcoin at an impressive rate, with its treasury now valued at approximately $473 million to $475 million based on current prices.

ABTC's growth in bitcoin holdings is largely attributed to a combination of self-mining operations and strategic open-market purchases. The company runs approximately 89,000 miners across a fleet delivering around 28.1 EH/s of hashrate after purchasing new ASICs earlier this year.